Digitalization is accelerating globally and is irreversible. The digitization of currency has nothing to do with disruption, but creates shared opportunities by empowering people to participate in and benefit from safe and efficient currency flows on a global scale. According to Schulman, CEO of PayPal, the greatest opportunity for value creation and influence comes from customer-centric partnerships, which can further improve the payment experience and push the global economy toward a digital age.

Innovation characteristics of central bank digital currency

The innovation of digital currency lies in it being a digital form of monetary reserves and transactions between a central bank and other banks, and in principle every individual or business can conduct point-to-point transactions without a commercial or payment platform. At the same time, the security and efficiency of a central bank digital currency will reduce errors and fraud, thereby increasing trust in the financial system and making the transaction mechanism safer and less costly, better meeting customer needs.

Cryptocurrency vs. central bank digital currency

The popularity of cryptocurrency is accelerating the research and issuance of central bank digital currencies in various countries. In this regard, Roubini believescryptocurrencies such as Bitcoin have no fundamental value and do not contribute to the progress of the monetary system. Moreover, the mainstreaming of cryptocurrency will affect the status of national or regional legal tender, thereby influencing government monetary policies.

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